Chattogram, Sept 28, 2024 (BSS) - South Korean Ambassador to Bangladesh Park Young-sik today reiterated his country's commitment to continuing its long-standing cooperation with Bangladesh.

"Korea is ready to be a crucial partner in Dhaka's economic development, as we have already done in the RMG sector," he said, calling for creating more improved business environment in Bangladesh to attract further foreign investment.

The envoy also said South Korea is keen to expand its investment in Bangladesh.

He made the remarks during a view exchange with members of the Diplomatic Correspondents Association of Bangladesh (DCAB) while visiting the Korean Export Processing Zone (KEPZ) near Chattogram.

Park said, "The improvement of business-friendly, predictable and stable environment should be one of the top priorities among the interim government's tasks in order to attract more foreign investment".

He said the Korean Embassy in Dhaka is eager to engage in further discussions with the interim government on improving the investment climate.

Park also highlighted Bangladesh's strong growth potential, citing its steady annual economic growth rate of over 5% for the past 20 years.

He expressed optimism that Bangladesh's upcoming graduation from Least Developed Country (LDC) status in 2026 will help attract essential foreign capital needed for sustainable development.

The ambassador also underscored the significance of the ongoing discussions regarding the Economic Partnership Agreement (EPA) between the two countries.

"This EPA will not only extend the Generalized System of Preferences (GSP) benefits Korea currently offers to Bangladesh but will enhance bilateral trade and investment for mutual benefit," he added.

Currently, he said numerous projects are under discussions with the Bangladesh government through the Economic Development Cooperation Fund, soft loans from the Korean government, or the Public-Private Partnership mechanism.

The Korean Embassy anticipated that the ongoing projects will make smooth progress and greatly contribute to the development of infrastructure in Bangladesh.

"Korean companies do not delay any project intentionally or inflate the cost of the project deliberately, and they focus on timely completion," said the ambassador.

He further said both countries can promote bilateral collaboration in new areas like footwear, light industries, ICT, pharmaceuticals, shipbuilding, blue economy and deep-sea fishing, agriculture and agricultural machinery, green house and carbon trading scheme.

"Korean companies have new technology, while Bangladeshi companies can start new businesses," said the envoy.

KEPZ President Jahangir Saadat and DCAB President Nurul Islam Hasib also spoke at the event, focusing on the deepening of economic ties between the two nations.